Now we aren’t suggesting that we are heading for another boom market. As a byproduct of negative media reporting that is usually at least 90 days behind the actual market. We have seen nervous vendors being overly cautious on setting expectations & agents very willing to except this when quoting the property in the market place at a lower level.
This activity added to the lack of stock on the market & the high demand from buyers are driving results that a qualified buyer advocate with experience in the market would be advising their clients are the actual value of properties.
For example we recently bid at a property for a client & after the first inspection gave them the “real” value which was $250,000 above the top of the agents quote. Now the agent would say the vendors reserve was in the range (remember they’re nervous right now & have lower expectations) so there was no need to change the advertised quote. On auction day the property sold approximately $350,000 above the advertised range, but $100,000 over where we set our base value.
This meant our buyer who was represented by an experienced buyer advocate expected that result & was ready for it, on the other side of the coin were the buyers not represented that we’re trying to buy themselves & were visibly shocked & dismayed & being nowhere close to being able to buy it.
Put simply there a very few good buys on the market at the moment, they were available 90 days ago, buying now you will need to pay fair market value & depending on the demand for the type of home, location & price range for A grade properties. Things may improve for buyers once more stock comes to market, but that will only occur if their nerves are appeased.
Happy buying & let us know if we can help.
